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tv   Morning Meeting  MSNBC  October 16, 2009 9:00am-11:00am EDT

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>> i agree. >> i learned the people of new orleans need the federal government to focus more on them. and we need to do something about it ourselves. we need to stay focussed on it moving forward, and keep the attention to people not only on new orleans, but mississippi and the people who have been ignored. >> and president bush saying i apologize for what happened, and then obama apologizing for what president bush did, and now it's time for us to step it up. welcome to the "morning meeting." the high-flying hoax. a 6-year-old boy believed to have been stuck in a homemade
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helium balloon. and it turns out the boy was at home the entire time. can the children or the adults tell the difference between a reality television camera, and they were, after all, on "wife swap", and a news camera, or do they even care. also on the agenda, financial reform. a house committee passing a bill that will put stricter regulations on the financial markets, and is it reform or will they bring the crooked insurance out of the closet and into the public where we can see it. and then a member of the finance committee also joining us. former chief of commerce for senate banking. the democrats threatening to go nuclear on health care,
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taking steps to pass health care legislation. with a simple majority, you would have to argue it was a direct budget issue and nothing more. plus, back to bubbles. the dow at 10,000, thanks to you, the taxpayer and your $23.7 trillion. again, the thank you note coming at christmas. and some realtors say home sales are up as well. this may be good, but is it good only in the sense that we are reinflating a false bubble, compliments of the friends in washington and to benefit, specifically, a couple banker friends. too much twitter. megan mccain threatening to quit the site after posting a controversial picture of herself, herself on the site! meanwhile, twitter trying to expand its horizons.
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we will get into the twitter thing with alex later. apparently you are supposed to tweet after you have sex. alex told me that yesterday. not kidding. 9:00 a.m. pull up a chain and join the "morning meeting." it's a story that had people blued to their tv sets yesterday afternoon. again, a young boy flying in a hot air balloon, or so the world thought. alex twit has the story. >> yeah, i was on the air and my heart nearly stopped when i thought about it as a parental perspective. a little boy apparently jumped into a balloon when it suddenly broke loose. and everybody was trying to scramble the little one. and the boy says that he was hiding in a box in the attic of
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the family garage, and this possible slip of the tv interview last night have people wondering if all of this was a terrible hoax. >> why didn't you come out? >> um, you guys said that we did this for a show. >> man. >> no. >> you didn't come out? >> no. >> so just gloss over that. and then today on the "today" show they asked about that comment and if it was all for a show. >> absolutely not. now i am starting to get ticked off, because i am repetitively getting asked this the last couple of interviews. what have i got to gain out of this? i am not setting anything or advertising anything. >> as if the story could not get
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more bizarre, as the father was trying to answer meredith's question, the boy got sick twice. and later in the show, the boy came back on and they said that he was fine. so dylan, the authorities in colorado are investigating the cost of the wild goose chase. was this a mistake or a stunt for publicity. and look at this dylan. this is video shot by one of the two older brothers of little cal fun yesterday. ready? they are trying this out. letting it go, and seeing what happens. it was supposed to hover 20 feet above the air. all of a sudden, it takes off. the father gets just furious, because apparently the mother did not properly tie this thing down. so he just goes off on a rage on this video, and we see this taking off yesterday. i guess the question is could it be possible that child had been in there and they didn't know.
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now that we know the makeup of the balloon, would it have been sturdy enough to put it in there? >> legitimately, you are asking the right question, alex. and jeff will be with us on the psychology on this, and we were talking about prior to the program as we collected information, this family was on "wife swap" and other things. can these people tell the difference between reality cameras for "wife swap", and their own video cameras and the news cameras surrounding them yesterday for the event, or do they not care in is the ambition to be just on camera? >> yeah, two episodes of "wife swap." >> is that relevant here? >> i think it's very relevant,
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for the fact that yes, they know that there are differences in the camera people. at this point i don't think that they care. and i think maybe the issue here is that this is all about the publicity, and if it's not about the publicity, let's talk about child endangerment. god forbid that kid was in that hot air balloon. what could have happened? there is many, many questions about the competency of the parents? >> as a 6-year-old child who got myself in a little bit of trouble from time to time -- >> hard to believe. >> yeah, i could see if one would hide for a while and things did not go well, and now you don't know what to do so there is a reasonable thought to believe -- >> yeah, absolutely this kid could have been really scared. the more they are looking for him the more he knows he is in trouble. when kids are upset they go and hide. that's a way of acting out for
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the parents. >> on the other hand, it's possible the parents knew there was nobody in the balloon, and as the child said, i guess on "larry king" last night, for the show they were basically playing out a little truman show episode, which is the reality sort of movie for the world. if that's the case, why psychologically -- that's pruly, look at me? >> i think this is the reality that we are in right now. no pun intended. it's about the reality show. there are some people that will do anything in order to get into a reality show, to get into tv and get the publicity, even at the point of putting their own sanity of their own children in danger. >> thank you very much for a little analysis. i think everybody is looking at this going what? also this morning, we are taking a hard look at the bill -- thank you, jeff, passed by the financial services committee yesterday.
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it's supposed to be the beginning of fixing too big to fail and particularly the crooked insurance that was sold in secret by the likes of iag and goldman sachs, and then they are selling pensions, and then when the claims came due the taxpayer paid the claims and the banks kept the money. and these are all sold in secret. we lead-off the conversation with a brand new ad, and this is a "morning meeting" exclusive. alex, please pay attention. this commercial really kind of gives you insight as to what is going on. take a listen, alex. >> are you having a hard time
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over charging them? congress can help. if you are a prank selling crooked insurance through secret, send your lobbying dollars now to make sure the house financial services keeps you from informed customers and push for loopholes and exemptions, and make sure there is no open exchange. wait, more, act now and get two loopholes for the price of one. this brought to you by americans against america. >> the campaigning reach add new height. that was a spoof. our attempt to project a touch of humor into the billions of dollars stole from us. the house financial services committee passed its version of derivative reforms, and they could be used in secret to steal your money. the bill was supposed to bring
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transparency to this, forcing them to trade in public so people cannot sell something worth nothing and then have the taxpayer bail them out. a big debate over the past week has been why these types of insurance policies, these credit derivatives are not on the exchange themselves. i want to bring into the conversation, a senator and a chief economists from the "snl" crisis. your thoughts on where we are so far in terms of getting all of the crooked insurance policies out in open? >> tnow what is moving through n the house side is a bill that supposedly has a new rule, but has so many loopholes that the
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loophole eats the rule. we want to say we have transparency and regulation, but it will continue to have loopholes. >> and the chief economists in the snl crisis, and you are working where your institution being the source institution, broke the pound effectively, and looking at the currency there. we find america in a situation where there is a very big overhang on our currency because of the risks that were stuck inside of it. let's talk about the need for an exchange, for all of the these credit derivatives, and the couple loopholes i just want to talk about. no government regulation of who must use the open exchange. none of the regulators get to decide who would use the exchange. the exchange is being regulated by the clearinghouse, which is the bank, and the banks make
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more money when they don't use an exchange. the people responsible for deciding what has to be done on the exchange. sprekt? >> that's exactly right. we have a form of wall street protectionism being introduced in the loophole legislation. this is not addressing the problems. it's not addressing the fault lines that otc derivatives represent. >> and otc derivatives are trading a policy in secret? >> right. >> and foreign currency swaps are excluded, but what you need to know is it encourages u.s. businesses to set up offshore because there is no regulation there. and so the banks decide what goes to the exchange, and they make more money if it does not go to the exchange, and if there is a loophole to trade everything that you want offshore without any supervision, senator, it sounds like it may make it worse and
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not better right now? >> we have to consider the fact, yeah, current law with its loopholes might be better than these loopholes, because it will continue to promulgate the problem. and everybody is america is hurting except for wall street. and they don't want the uninsured products to raek havoc. and people have lost their jobs and education has been cut, and these guys are continuing to make a way with the great resources and assets and not be properly regulated. >> specifically the loophole that says the banks decide what has to go to the exchange. they are saying we will create the exchange, which is the false victory that we are being presented with this week from the false peace of legislation, we will give you the exchange, except for the fact that banks
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will decide, and the banks more money if nothing goes to the exchange. and i have the foreign aspects. who is creating the loopholes and what can you and others do to close them? >> everybody in america knows to have a good market you have to have transparency and rules. what is being -- the treasury department should be ashamed of themselves. they blessed this deal. and i hope they will take note of that. and as you just described, instead of having them regulate this, they will continue how to manipulate the market by not having transparency. this is a $590 trillion
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international market. we can't continue to have 50% of the market unregulated with the kinds of products out here that don't add up on paper. >> the fix that rob, myself and others have talked about, senator, is as follows. you must have the open exchange for all credit derivatives with very rare exceptions, and no exceptions on where the bank gets to decide what goes and what doesn't. open exchange with rare exceptions, which we don't have, and then the regulation committee, they should have a power to say what happens, and that power was voted away, right? >> yeah, instead of saying a swap and derivative is defined, here they said all the exemptions and users, like edge funds, like the big players --
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by the way, you don't have to play by the rules. that's a big mistake. >> this is a false victory for america. >> yeah, it's not a victory for america. >> it's actually, a liberation of the thieves to steal more liberally, spreis that correct? >> yeah, it's dangerous for the future of our financial system. it makes it valid in law more fragile. >> the fix, demand that exchange, and apply to all credit derivatives, as it does to every financial instrument in the country, a. go to heed the call on our website, and you can demand that they close the key loopholes.
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i understand it's very profitable for the banks. we will get into that later, but it's very dangerous for this country. thank you, rob, and thank you senator. next up, are the democrats going nuclear on health care? the house taking steps to work around a possible filibuster on health care. the idea is to make health care a budget issue, not a health care issue. if you can pull of off, you only need 51 votes. we will talk about that when we come back. d a wrong way, to pay for it. some senators say they want to tax so-called "cadillac" health care plans, but those proposals will also tax the benefits of millions of middle class workers. there's a better way. let's ask individuals making more than $250,000 to pay their fair share. tell congress to choose the right way to pay for health care reform.
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snifrmt welcome back to the program. baucus says he is confident everybody will back health care, but they also have a plan b.
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what is that? >> yes, and the democrats are preparing the so-called nuclear option which means the bill could pass with just a majority with 51 votes. two house committees attached wreck consillation bills, one from education and labor, and the other from weighs and means. er eric can tur responded to that this morning? >> the majority is readying the so-called nuclear option on health care. and the striking point here is back in may, i attended a leadership meeting at the white house, and the president at that point indicated that he did not want to resort to the process of reconciliation to jam through health care reform. >> to that end democratic leaders say they prefer to pass it with 60 votes, but are not
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taking this nuclear option off the table. a senior member of the house committee, and also a member of the house task force on health reform, representative, welcome. >> i think basically what weighs and means did in education, our committee was trying to -- their effort would not guarantee that we would use the public option. the nuclear option in the senate. let's be clear, we have got to address this issue now of health care reform. and it's hard for me to imagine my colleagues in the senate not making it possible for us to get this done. and we just have got to get -- the time is now. this opportunity, dylan, may never come again in my lifetime. this is a life and death situation. so if it takes the nuclear
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option, so with it. we will come out of the house with a strong public option in our bill and will address this head on. >> i think we have two issues in this health care. one, we have a big uninsured portion of the population, and we are looking how to expand coverage for the people. two, we have a system of a variety of miss aligned incentives that worked to the detriment of patients and doctors and to the benefit of doctors and insurance companies, and the employer-based health system that works for the benefit of the insurance company. is that a problem? >> no doubt about it. the insurance companies are doing fine. they put out a report a few days ago that said the premiums will go up based upon the finance committee's bill. well, the fact is that they then admitted that the report was
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lacking tremendously, and then they basically, dylan, gave us the very argument for a public option. >> i understand that. i am just for competition and choice. i don't understand why we have antitrust exemptions. and so one choice is expanding coverage. it appears whatever piece of legislation we are dealing with will do that. not everybody will get coverage in some versions, but there is some version of coverage in every piece of legislation, fair? >> that's correct. >> but there is no reform of the health care system in any piece of legislation, the antitrust exemption is there, and i am encouraged to see congressman schumer and house speaker pelosi saying something about that, but freedom in all of us here, i
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don't see how you are expanding health care? >> we cannot be in a situation -- the president is right. people will be able to keep their own insurance, but, dylan, if they cannot afford their own insurance, that's a problem. >> not only that. but everybody keeping their insurance inside of a system where nobody is paying for it and as a result it spirals out of control because we are so detached from it, no competition, competition,. we are not allowed to release the customers of america, sir, to go out into the world and compete to pick our own health insurance and when a senator by the name of ron wyden brought it to a vote, they would not vote on it. it's crazy.
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>> it's unfortunate. and you i are on the same page. i have to tell you that every day i see people in my neighborhoods who don't have health insurance and who are suffering. a lot of people don't want to face up to it, but we have people dying. recent reports say 45,000 americans, because they have no health insurance, are dying each year. there is something wrong with that picture. i don't want to hear this stuff that you should not consider a knack cle nuclear option. speaker pelosi is right. we have to do whatever is necessary to get our people insurance. by the way, i get tired of people saying how great america is, and then when it comes time about having a can-do at tood that we can get it done, and then suddenly people say, oh, it's too hard. can't do it this year, we have to wait. no, we are better than that. >> i agree, sir. let's not confuse expansion of coverage with reform.
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one is issue of cost, and the other is we have people dying that need coverage. >> that's right. and as i said before, what good is insurance if you cannot afford it? what good is insurance when you call on the insurance company to help you and they say you have all of the deductibles, and we have to do a resigs on you. at some point, somebody has to say time out, and we have to make a change and reform the insurance industry so we can have all of the people insured. that's important? >> yes. and we liberate people and don't imprison people inside any system. thank you. file this under too were information. megan mccain and twitter. we'll discuss trend or talker.
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coming up, are the bubbles back? the dow above 10,000. the foreclosures at a five-year high. one out of 136 homes. is that good or bad for us? we're back after this. okay, time's up. here ya' go ! that's a nice one, i made that. that's a piece of junk. yeah. i want the red truck. well, you can't have the red truck. see, that was a limited-time offer only. it's, ah, right here in the fine print. even kids know it's wrong to hide behind fine print. why don't banks ? we're ally, a new bank who always gives you a great rate, with nothing burieine print. it's just the right thing to do.
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the dow jones industrial average, the big headline going into friday, will it close above 10,000 for the first time in more than a year? it crossed 10,000 for the first time back in 1999. this is funded by the interest free loans provided by the taxpayer through the federal reserve the treasury and elsewhere to the banking system. so if we cannot use 23 trillion to get us back to 10,000, what will? and now we just ended the worse quarter for foreclosure filings? what is worse, these numbers may
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not accurately describe the depth of the crisis. analysts point to the government to try and delay filings, meaning countless delinquent borrowers are not part of what is a massive foreclosure tally. the recent success of the dow, coupled with the housing market continuing the giant flush, and investors jumping on the wall street bandwagon, and they say we are getting one thing here, i might as well chase after this bad boy, are we just re-creating the same two bubbles that have no assets underneath them, other than the future incomes of the taxpayer in america? joining us now to talk about it, david epstein. and also our panelist, jonathan
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capehart, it's good to see you this morning. are we just re-creating a bubble? >> all analysts say housing prices will still come down in the next year, maybe another 5%. so overall, no, but in certain -- >> well, i am talking about the financial markets right now. i will get to the houses. looking at dow, 10,000, and the market off to the races, and the reason it's off to the races which is the $24 trillion -- >> yeah, you look under the numbers, and goldman is making all the money on investment banking and not retail sales. you are getting a bigger gap between wall street and main street. it's the fast trade, and making money -- >> it's not the fast trade. i will do a magic trick later, and i will show how goldman sachs made their money, and i have a cape and the whole thing. the banks -- the ones that are left would not have the money
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they do? >> not only that, it's not coming back. the whole idea is that we are bailing them out, because the banking system was to save us, and we are not saving us. >> jonathan? >> yeah, i am confused by all of this. so we give the banks all of this money, and they just hold on to it? they are not giving it back to main street as the professor said, in terms of easier access to credit or anything like that? >> correct. >> wow. >> yeah. but they did make a ton of money last quarter, buying assets. the loan availability for most major markets and small businesses is worse now than it has been in a very long time. >> congress is all up in business is business it seems, and so is the white house, and i wonder if there is anything -- maybe the professor knows this, that congress or the administration can do to force jp morgan and citi and goldman
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sachs to force them to make credit available to mainstream? >> we had our moment of leverage when we gave them the money. now, of course some of them paid back the money. >> i want to talk about the paying back the money bit. goldman sachs received 100 cents on the dollar from the crooked things they collected from the taxpayer. the t.a.r.p. was a way for them to basically pretend to pay back money while they continue to collect taxpayer insurance for all of the deposits, and they leveraged that 30 to 1. that's a trillion dollars. ex then they collected 100 cents on the dollar of the crooked insurance of aig, and i know you know this, and they repaid it. it's the giant smokes screen from the fact that they still received tens of billions of
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taxpayer money. >> think of all the investments the banks made. they suck in money from anything. from the government or us, and it never comes back out, because they still need more capital. chase made all this money, and they are keeping it. >> alex greenspan said we should think about breaking up the big banks? >> absolutely. there are decisions that do well and those that don't. if there is a way of getting awe rid of the bad performing sectors of the bad banks so they don't suck the resources and keep them there, i am all for it. >> too big to fail is that you have to suck money in, because every pension and home in america will go away. >> the big banks, b of a, and jp morgan is not as bad as the others, and the zombie bank phenomenon, they take money in and don't give it out.
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the recovery is so slow, we could use the loans to help us out. >> meanwhile, the innovator is -- >> yeah, we need small investors with good ideas. >> they are being stolen from. >> yep. >> a pleasure to see you. i think we can solve this, but we have to be honest and understand it, and i appreciate you helping to shine more light. alex, what else is going on. let's do weather here and for good reason. the northeast experienced the first taste of winter with snow falling across several states. parts of new jersey and pennsylvania got several inches of the white stuff. mike seidel is out there in the middle of it in pennsylvania. good morning to you. >> reporter: good morning, alex. 8 1/2 inches out here outside of state college. it's homecoming weekend.
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most likely the coldest homecoming game here. and one inch wise, the most it snowed. and up here, it's fogged in and snowing and it should be 65. we are at 1800 feet. the real problem is this is heavy wet snow, because it's falling in temperatures around freezing. beautiful fall color. that's the problem. the leaves are still on the trees. that's bending the leaves down. as the stress continues, more limbs will break. already this morning, many residents are without power. more snow is on the way. tonight and tomorrow, another batch maybe saturday night and sunday. and we could get another five or six inches up here. and it's astounding to see this much snow this early in the season. we will see how the football game goes tomorrow.
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107,000 fans will pack the stadium. hope they are dressed warm. >> thank you, mike seidel. i have never tried this before, and i will do this for alex and you at home as well, and a little later in the show, i have the gear and a hat and magic wand. i will do a magic trip, armed with my cape and hat and magic wand to reveal to you the magic goldman sachs used to make $3 billion in three months time. good magic. we'll give away the secret in the next hour. boss:hey, glad i caught you. i was on my way to present ideas
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and see if this is part of a trend or just a talker. to answer the question is it a trend or talker, the lovely and talented alex witt and also the handsome jonathan capehart. and now, megan mccain threatened to quit twitter. she is not upset about the picture, because she up loaded it. the problem was the response. she did not like it. an hour after posing the picture, she was so inundated with complaints about when she was wearing, she tweeted this.
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mccain later said she will not delete her account, but will be more careful about how she uses it. >> here is the deal on too much twitter. that's so tmi. my mom told me as a young lady, alex keep the mystery about you. that's gone! i mean, i am trying, mom. but let me tell you, it's hard. but people should. come on! >> magic tricks are mysterious. >> knlt wait f >> can't wait for that. >> how did they make all that money? >> i don't know. but anyway, twitter launched a version of the service, despite the fact that other social networking places have struggled
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to catch on. who doesn't want worldwide domination. and the company plans to launch in spanish and italian and german over the next few months. jonathan? >> in italian? i love facebook. i resisted twitter. now that twitter is going italian, maybe i will have to do it. i can sing old mcdonald in japanese if you want? >> really. >> not today. >> well, if you like to tweet while drinking, twitter now getting into the wine business. the good buzz from this beverage, money from each bottle will go to an organization that improves to work on ill literacy to help impoverished nations become literate. >> oh, my god. i can only imagine what that
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tastes like. >> trend or talker? >> trend. >> i think it's a temporary trend. it will go at one point, and something else will come along and capture everybody's attention. >> i think we will get information, and we will district information, but we will get out of the whole business of look at me. >> yeah, i put up questions, and that's how you do it? >> there are people that we don't know, and they know us because we are on tv, and it's useful. >> yeah, nobody cares jonathan what you are wearing jonathan. we love you. don't care what you had for breakfast. >> don't tell them you're on tv. >> fine. i won't take racy picks. >> thank you, jonathan. we're heading to the break room. toure is here when we come back. the boys of south park have taken on a.c.o.r.n now and have prostitutes and pimps and lies
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to qualify for housing benefits and i'm sure they've got some taxpayer fraud! toure has the whole thing in the break room after this. music plays when it comes to things you care about, leave nothing to chance travelers. insurance for auto, home and business. has a way to get things cooking..... at home. macaroni grill dinner kits. you get the pasta, special sauces and seasonings. just add your grilled chicken, and cook for 20 minutes. romano's macaroni grill dinner kits. the restaurant favorites that let you.... stay in, and go all out.
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toure is in the break room. a.c.o.r.n, south park, a merger of two great minds and content vehicles. this has got to be a home run. >> matt and trey are two of the great political commentators of our day, are they not? south park took aim at a.c.o.r.n this week. if it weren't so funny it would be funny how the right has demonized this group. the butter, the sweetest of the little kids, starts a kissing company where you can kiss a little girl for five bucks and discovered this makes him a pimp. he acquires 12 employees and they go to a.c.o.r.n to get a housing grant. >> i'm not falling for it!
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>> but i heard a.c.o.r.n helps [ bleep ]. >> we weren't giving you anything! get out! >> oh, so cute! keep mooching up. keep going. he sees one of his clients at the agency and then he gets two housing grants. >> hang on. he sees what at the agency? >> two of his clients? >> one of his clients at the agency. then, of course, he has leverage. >> of course. >> they have to do whatever he says. >> of course, the united states taxpayer had leverage. >> we did, didn't we? we don't. easement. >> what else do you have got? >> turning the best children's books into movies with adult level edginess. today, we get spike jones take on "where the wild things on," i can't wait to see that. months to come wes anderson's reimage ofs "the fantastic mr. fox." and "creepy but haunting alice
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in wonderland." and all with enough twists and turns to make the film's for really for adults and not for the little ones. for example, alice isn't 7, she is 19. mr. fox talks about mortgages. and you see the wild things wearing an adult-sized wolf suit which is sold at opening ceremony or perhaps should be sold at toyland. >> mortgages? >> mortgages. don't act like you don't know about that. i love how you zoom past that! >> it all made sense to me until you said the wild things move and we have mortgages. >> mr. fantastic has mortgages. >> either way, mortgages are not entertaining. >> not for animals. >> no. >> but when animals talk mortgages, that's entertaining. >> could be. fair enough. thank you. you know i'm doing magic later? how did goldman make money. forget the public option. expand medicare coverage for the
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uninsured and others have deep reservations on exactly that proposal. democratic senator amy klobuchar joins the "morning meeting" with how to expand coverage and the difference between expanding coverage and the reform. was it a hoax or was it a horrible mistake? that balloon boy story that captivated our fine nation, the family at the center of it all speaking out. can they tell the difference between a news camera and a reality camera and do they care? ahhhhhh... is that little cup really enough? try it!! [ female announcer ] when something's so good... now, that's what i'm talking about!! [ female announcer ] ...you only need so much. the same is true with bath tissue too. that's why there's charmin ultra soft. its ultra soft design is soft and absorbent. it has so much absorbency you can use 7 sheets versus 28 of the leading value brand. so your family can get more out of less. smooooooth. [ female announcer ] charmin ultra soft. america's softest bath tissue.
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and i'm joni. we've been best friends since we were two. we've always been alike. we even both have osteoporosis. but we're active. especially when we vacation. so when i heard about reclast, the only once-a-year iv osteoporosis treatment, i called joni. my doctor said reclast helps restrengthen our bones to help make them resistant to fracture. and reclast is approved to help protect from fracture in more places: hip, spine, even other bones. (announcer) you should never take reclast if you're on zometa,
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have low blood calcium, kidney problems. or you're pregnant, plan to become pregnant or nursing. take calcium and vitamin d daily. tell your doctor if you develop severe muscle, bone or joint pain or if you have dental problems, as rarely, jaw problems have been reported. the most common side effects include flu-like symptoms, fever, muscle or joint pain and headache. nothing strengthens you like an old friendship. but when it comes to our bones, we both look to reclast. you've gotta ask your doctor! or call 1-866-51-reclast. year-long protection for on-the-go women. good morning to you. i'm dylan. westbound. here are the stories atop willing our agenda at this hour. >> why didn't you come out? >> you had said that we could do
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it for show. >> a 6-year-old boy the center of attention after he was believed to have stuck in his family's home made hot air balloon. that, of course, high-fly escapade that may have turned out to be a little more than a publicity stunt and figure it out in a second. i don't know if we will figure it out. also on the agenda, maybe it should be medicare for all. could the government-run program be a better option than a new public option? or do we already have public health care and foolish to create a new version of it when we can expand the one we have to cover the insured right now. minnesota senator camy klobuchar is sitting with us and joins us in the studio. stimulus cost and effect. the white house releases a report cord at economic stimulus package. only 37,000 stimulus jobs created so far and a far cry from the 2 million the white house projecting but a lot of that money not yet spent and get on that. then afghanistan.
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is it simply the wrong target? we're fighting the terrorists in afghanistan, right? but why is it then that the terrorists appear to be in pakistan? are we afraid to come to the reality of the fact the terrorists who would seek to harm us are in a nuclear armed nation named pakistan and are we trying to satisfy ourselves by fighting a war next door because they don't have nukes? and it's magic! goldman sachs, $3 billion in three months' time. that's a billion dollars a month! and no one knows how they did it! my first-ever on tv magic trick. think of me as your only personal houdini. we will explain the 3 billion dollar slight of hand a little bit later. it's 10:00 a.m. pull up a chair. that was me doing that. join the "morning meeting."
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you think houdini would have been impressed with that? on capitol hill much of the health debate wrapped around a public option or co-op and some version to expand coverage for the uncovered and then there is the debate about reform. the overspending, the lack of choice, the lack of competition. will the public option as a key aspect of potentially expanding coverage be in the house bill? we don't know if it's in the senate. we know the deal. keep in mind if the public option gets through congress, it provides that coverage for a very small percentage of our country. no choice for most of us. we know this. now, blue dog democrat floating a radical idea when it comes to the public option and how it expands coverage. alex? >> arkansas democratic congressman mike ross is adamant in opposing the public option so he has come up with this alternative and he says why create a new government program
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when you can just expand an old one? here is the quote. congressman ross made the suggestions in meetings with white house and house democratic leaders on thirst thursday. he envisioned offering medicare a choice to the uninsured even if they are not over 65 and same people covered by public option which is now under discussion and comes with this caveat, though. ross says if you do this, reimbursement for medicare providers should be at a much greater rate than it is right now. interesting. congressman ross says he doesn't endorse the idea but he said he is looking for solutions to the health care debate. >> he should check out mr. wyden's proposal on choice. >> all of the exchanges, yes. >> if he just let people choose, it's totally nuts. >> carrying a vote on it. >> they don't want to do it. i want to welcome minnesota's
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senator, amy klobuchar. amy klobuchar, welcome. >> thank you, dylan. i want to stay here for your magic trick. are you going to somehow get up in a balloon and fly? no? >> i don't want to give away my secrets. you have to stay until the end of the show to see the magic. >> okay. >> first, we need to figure out the health care problems. >> all right. >> how are you looking at expanded coverage? we hear the medicare idea, public option and senator conrad was here yesterday talking co-op and then actual reform. where you deal with the employer-based system and all of the other things i'm sure you're familiar with. your thoughts. >> i think one of the things we have here is 17% of the american economy is health care, right? so what we've been trying to do and this makes sense is build on what good we have and fix what is broken. one of the things is that is broken is the affordability issue, that is clear. when we look at medicare, i was listening to the congressman talk about that.
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it sounds appealing at first to expand medicare. the issue is that medicare is going in the red by 2017 and we have to greatly change the way we do that formula so it keeps going. i mean, seniors 65 want to keep their medicare coverage until they are 95 and people 55 want to get on medicare until ner 65. so that is why one of my main focuses being from minnesota swh a high quality low cost state let's look at how we make medicare better for our seniors before we talk about expanding it and that doesn't mean we can't do a negotiable rate public option but we have a big issue here, because one of the things that is happening now, same medicare services in the twin cities in minnesota and $7,000 and $15,000 in florida. you have highly inefficient systems that are basically not necessarily delivering high quality care. completely counterintuitive. some of our highest quality states are our lowest costs and that is what we want to promote. primary care doctors. >> in your very -- you're
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perfect for this conversation because of your representation of minnesota. >> exactly. >> so what -- identify for all of us the most critical variables in minnesota that you believe lead to high quality care and relatively low costs efficient systems. briefly. >> very good. first of all, we have more of integrated care system so it's like a quarterback on a team with the wide receivers. we don't have ten wide receivers. >> i'm the patient. what happens to me? >> you're the patient. it's more easy in minnesota to go to one primary care doctor and that doctor will refer you to a specialist. >> what about minnesota makes it that way as opposed to new york? >> part of it is the way we have our structured, our culture of medicine. we happen to have more hmos and we have more that are good that have covered a lot of people and a high coverage rate. 93% coverage and we have our own public option, something called minnesota care that covers beyond the poverty level. >> which is the equivalent of the state public option which is discussed in any given state to
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do something along those lines? >> some of it is in the culture with the way mayo works with the whole state. they hear your choices. you can have this surgery. it's going to take you a year to recovery and maybe you're better off with this treatment. they put the patient in the driver's seat and, surprisingly, patients often make more conservative choices. >> of course. >> when they get the facts. >> which is -- let's stop there, though. i push so hard and so many other people have done the same thing. >> right. >> to get a choice amendment of some kind whether senator wyden or snowe or representative price or republican in the house talked about this. into the legislation, so that patients are given the liberty to choose the health care plan that best suits them as opposed to being trapped inside either of a employer-based system or job they don't want to keep their health care because that benefits the companies, and benefits the labor unions who negotiate for benefits and it benefits, again, the insurance companies. >> well, that is one of the ideas of this exchange is to allow people to buy in and to get different plans. >> but they're not allowing that.
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>> and competition into the market. >> why not? >> i would like to see more of this because i think transparency and allowing people to make choices is a good thing. and we have more of that in our state. and i think the other thing about this is just, again -- i go back to this -- the culture of this. you have high-quality care and people trust their doctors so when their doctors tell them, well, hey, i want you to see this specialist, i think it will work out for you, they tend to do it more. >> the one criticism of the minnesota model, if you will, when people say, look, look at minnesota. it doesn't cost that much and they have fantastic care, let's talk about that. how do they do it? the criticism they say is, well, you don't have dense urban centers and you don't have huge popgs and you don't have a system forced to take care of huge percentages of underpaying or nonpaying customers. is that true or false? i-knots just minnesota. it's wisconsin, oregon, washington and a lot of other states. we have a major metropolitan area and huge rural areas. the mayo clinic is not just
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serving araban kings. they are serving people in small towns and a whole network in the rural part of our state. when you look at the savings, independent studies shows some of the hospitals, especially in the southern part of the country uses the protocol mayo uses and ill patients the last four of their lives, we could say 50 billion dollars just for that population every five years in medicare expenses. say a difference in the cost of living and lop off 20% of that, you would still have 30 billion you can save? >> where is the resistance? >> the resistance, i think, is entrenched bureaucracy and entrenched providers and insurance companies that like the way the situation is. someone is going to lose here if you reduce money. if you start reducing some of the sort of the middleman and the money that is going out of the system that should be used for patient care. and what is great about mayo and, you know, whether it's a cleveland clinic or some of these other places, it's not just mayo and some of it small
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clinics put the patient in the driver seat and give them information and not just multiple tests and surgery, the patients, a lot of times will make the decisions what is best for them and their family and doesn't involve 20 different specialists doing 20 different tests. >> it strikes me the similarities. the banks trying to manipulate the rule-making system to keep the kried credit derivatives off exchange. because they make more money when they sell insurance in secret and health insurance companies trying to prevent any reform because they make more money that way as well. >> right. that is the most cynical part of this debate you heard about death panels and rationing. what they are doing is saying, okay, family here are your three choices. or to the person, you probably two or three years here. how do you want your live to be? we'll do the surgery if you want it and here are choices. they are giving them choices and that is so important and helps reduce costs and get higher quality and that is what we want to get in this bill with
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incentives. >> senator, if people watched this program want to learn more about minnesota health care what is the best way to do? i think a good beginning to find out a place where it works. >> you can look at the mayo as a website and look at the information from the state of minnesota. others a bill that got into the senate that rewards quality and not just quantity that i did with may rhea cantwell. you can change the medicare formula for results and not just for service. >> a pleasure to have new the room at the table. >> very good. i'm waiting for that magic trick, dylan. that hat. are you going to wear that? >> i have a wand and hat and cape for later. >> do you have a mask? >> i have a mask. >> you're going to make a lot of money that way? >> i can create $3 billion in three months' -- or $10 billion it says. i'm sorry. i forgot pip. i'm new to magic. i need a little help from the treasury and we're rolling. alex, what else is going on? >> i bet you can imagine we are talking about this story that
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had people riveted to their tv sets for hours appear. a little 6-year-old colorado boy thought to have jumped aboard a helium balloon that was let loose. we see the video where the heenes let's go of this balloon it wasn't supposed to go 20 feet hovering and because it was not securely attached it takes off. later, that is when they believe, according to one of the older brothers, that little falcon is inside there. all of this prompted a huge rescue effort involving everyone from local police to the national guard. as it turns on the little boy never left his house. he was hideing in the box in the attic of the family garage and this possible slip in a tv interview last night has people wondering if all of this was just a terrible hoax. >> why didn't you come out? >> you had said that we did this
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for a show. >> man. >> no. >> you dent come out? >> no. >> there you heard the line right there. did this for a show. lee kouance cowance is in ft. collins, colorado. with the release of this video, how is it the heene family believe falcon was in the balloon? they were there when it took off. >> i think you're right. i think that's one of the things this video is going to raise more questions because you're right. clearly, the heenes are there. he is there the wife the older son is shooting the video. it would be hard to imagine that somehow falcon could have gotten into that balloon without one of them seeing it before it took off so that is going to raise more questions. originally here yesterday, the sheriff said, we don't think this is a hoax and no criminal charges will be filed but after
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watching what they saw on cnn last night, they want to talk to the family again. however, richard heene insists they did nothing wrong and here is what he said on "today" earlier. >> absolutely. and now i'm starting to get a little ticked off because i'm repetitively getting asked this the last couple of interviews and what have i got to gain out of this? i'm not selling anything. i'm not advertising anything. >> so, again, the sheriff's department says they will be coming back out here again today. they want to talk to the family and want to get to the bottom of this and clear up whatever the statements are because a lot of money was spent on this and if this turns out to be some sort of hoax there could be criminal charges and they could be responsible anyway for some of the money that was spent on all of those rescue efforts yesterday. >> yeah. >> the family insists that this isn't a hoax whatever. just a misunderstanding within the family but it's up to the sheriff to decide. >> just real quick. any chance falcon is going to get punished for this?
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he can hear them calling for him, apparently. >> yesterday, somebody asked the father that. we don't ground our children but he certainly is going to get a good talking to. >> i bet. >> i think at the very least he certainly got that. and what happens to that balloon, he says the experiment probably going to going forward any more. at least that is what he said. >> lee cowan, thank you. next up, stimulus. our tax money, its expenditure and its result. the white house says they've got 30,000 jobs created by the economic stimulus on the federal level so far. slightly fewer than the 2 million that were projected. let's give them a little time here. but we're off to a slow start. we'll do a stimulus check after this. we all know america needs real health care reform, but there's a right way, and a wrong way, to pay for it. some senators say they want to tax so-called "cadillac" health care plans, but those proposals will also tax the benefits
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of millions of middle class workers. there's a better way. let's ask individuals making more than $250,000 to pay their fair share. tell congress to choose the right way to pay for health care reform. sea salts vary in color and taste. one tops them all. adding it helps us use less salt than before in campbell's tomato soup while keeping the famous flavor. ♪ so many, many reasons ♪ it's so m'm! m'm! good! ♪
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all right. $800 billion of our tax money set aside by congress to create or save 3.5 million jobs lost as a result of the massive theft perpetrated against our country by the financial industry which is then deprived us of all of this capital so taxpayer money is used to restart jobs as we trap all of the capital inside of these busted systems, the banks and the rest of it. eight months later, the president signed that stimulus bill and we have our first hard numbers. 30,000 jobs created or saved, they say. alex witt was the latest. >> the white house is quick to point out it's too soon to draw any general conclusions about the effectiveness of the stimulus from these new numbers which represent only 2% of the total stimulus. still, the white house says the numbers are an early indication that a million jobs have been created or saved so far. about 16 billion dollars in federal contracts have been awarded, leading to the creation of just over 30,000 jobs. but most of those jobs did not go to states that need it the
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most. for example, michigan has the nation's highest unemployment rate saw 400 jobs saved or created. nevada reported a 159 jobs. rhode island, 12.8% jobless rate, saved or created just six jobs. house minute oert minority leader john boehner says the following. >> that is the right question especially as we look at our money tied up elsewhere by the corporate communists and the rest of this country left desperately to search for work. we're joined by georgia state economics professor mark ryder, a former congressman with the u.s. treasury department and back with with us as well is jonathan capehart, "the washington post" writer and msnbc contributor. professor, where are the jobs and what is your sense of our
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even ability to keep track of how this money is being spent and what sort of jobs the stimulus money specifically is creating? >> well, to try to estimate the number of jobs are being created is highly speculative. in any event, i think it's too soon for the stimulus to take effect. i looked at the three last tax cuts. kennedy tax cut in 1964 and reagan tax cut in 1982 and the three bush tax cuts and it took almost two years for those tax cuts to turn the unemployment rate from rifg rising to decreasing. so, hopefully, next year, the stimulus is going to be even bigger. 50% of the stimulus, total stimulus package will be swebt spent in 2010 and, hopefully, by midyear we can expect employment
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curb to start going down. >> now, hope is a hard thing to make a living on these days, as you know, professor, particularly when you consider what we know as fact about how the government is currently structured in the banking system. what is the foundation of the hope that you articulate? >> i think it's the past tax cuts, the past efforts at stimulus. in the past, we used tax cuts and now we're using spending, you know, the belief it has a symmetric effect on the system economy and i believe there is every reason to believe it will work its job on the economy. it's just too soon to expect -- to see the unemployment rate coming down. of course, we are all impatient for the unemployment rate to come down. a lot of people are suffering, out of jobs.
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>> people are suffering and out of jobs and they know it's not an accident. they know there was basically a ponzi scheme built on wall street much bigger than mr. madoffs that was crooked snurns fraud where the united states taxpayer last fall paid out the insurance claims and money was given to goldman sachs and others and this is not an accident, sir. >> it's not an accident. it wasn't planned, either. and, sure, we would like for all of those people that engaged in those schemes to be punished, but, you know, there is an old saying -- the you don't let the titanic sink and let all of the people drown in order to correct the problem that happened with that ship. to have let the whole economy go down because of what happened in the financial system would have been a catastrophic mistake. >> totally agreed, professor. another saying if somebody
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steals all of your money and you watch them do it, get it back. so it's one thing for the financial system and another thing to allow the banks record record profits and ten years worth of bonuses with no clawbacks for money they paid themselves bankrupting the american financial system selling crooked insurance, right? >> i think crooked insurance is a little strong but i think the justice department ought to pursue every legal remedy to recover any monies that are lost due to fraud. i don't think that any reasonable person would disagree with that. >> professor, thank you for being with us on the phone. i know we tried to get you in front of a camera but your voice is pretty darn adequate. thank you, sir. up next, we will take a very brief break and then we're going to see that magic trick i was talking about. i got a hat and wand and i can make you $3 billion in three months with a little help from the taxpayer and we'll show you exactly how they did it coming up. ♪ ♪ there can be no doubt you can do magic ♪ eering)
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all right. alex, what is going on? >> let's get to this video from australia. melbourne. a mom at the train station and watch! oh, my gosh! no, watch! you can't even watch this! you see what happens. here is the miracle of this story. this little 6-month-old baby only got a bump on the head. is that just heart-stopping or what? >> oh, my god. >> i know! >> how did we ent up with a bump on the head? >> i don't know. by the grace of god i think a little bit on that one. a bump on the head, that's it. that story. a better story here. this is a 9-year-old little boy who is from portland. all of his friends call him ollie. he has this hockey shot. watch. this is called the michigan. in there! this is named after a guy on the university of michigan team mike
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legg before this kid was even born in the playoffs. he replicates it and nice shot! that is pretty good and famous to espn and he is doing the talk show circuit. a justice of the peace in louisiana who says he will not marry interracial couples. he says the reason being he thinks the marriages don't last very long and concerned about the bye-bye biracial children he believes is not accepted by the black or white community. those are his reasons, justifying it. anyway, it is what it is. >> fun with a judge. not really. >> you just want to get married. >> quite not. no. i wonder if he would have let tiger woods get married? >> i don't know. >> or maybe the president's parents? >> maybe not. >> yeah. something to think about. >> hugely something to think about. coming up next on the "morning meeting," the president himself will soon decide his strategy for the war in afghanistan but are we folk ufg
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on the wrong country? if our tbive is to protect ourselves from the terrorists, are not the terrorists, my friends, in pakistan and are we kidding ourselves with a war over iraqs and afghanistan? so how long does it take a fresh vegetable to start losing essential nutrients? not long. in fact, green beans lose half their vitamin c in a week. that's why green giant freezes them within 8 hours to lock in nutrients. ho ho ho green giant
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more u.s. soldiers killed in a roadside bombing in southern afghanistan as they hunt for america's enemies. members of taliban and al qaeda
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and taliban, of course, funded by the heroin crop and well-funded by the way from that the heroin crop. terror attacks killing more 150 people in the past two weeks in that country. although it's not that country. it's pakistan. the americans in afghanistan are fighting to save their own lives because they are in afghanistan. think about that. alex, what is going on here? >> two countries can a border there. this is a problem from day one when the u.s. went into afghanistan. nearly all of the leaders of the taliban and al qaeda are on the other side of the border and pakistan has been adamant that the u.s. forces should not be allowed in and that's not to say we're not throwing mob money at the problem. yesterday, president obama signed a bill giving pakistan $7.5 billion to help its government and military. will that help catch our enemies? consider this. the deputy to the u.s. ambassador to pakistan says the u.s. is confident, confident taliban supreme leader omar is
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in qata and calls that a blatant law. the obama administration gone out of its way to convince pakistan all of that money is not an attempt to influence its military policy, at least publicly. behind the scenes, the u.s. has been urging pakistan to be more aggressive against militant. retired army military analyst is jack jacobs. weigh in on that. >> jack is bus. the question, very simply, is this approximate our foes that would seek to do harm in this country organizing themselves in pakistan? >> no doubt about that. >> are we insane to be giving however many billions of dollars it was to pakistan's government and saying, we don't care what you do? in other words, why are we writing that check if we're not going to attempt to use that money to protect ourselves? >> i'm not fond of handing out
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money in any case. to hand that kind of money to a government by the way, said it wasn't excited about taking the money because they were worried about our using the money that unduly influenced how they would operate against the bad guys, i think that is not necessarily a good idea. there needs to be strings attached. we've been spending years to try to get the pakistanis to move in and knock out the bad guys and they've resisted. >> are we kidding ourselves to have a big afghanistan war conversation, more troops, more money, the american people invested in that nation at a time when the real threat has actually moved to pakistan? >> well -- >> they -- >> they are not mutually inclusive. we need to empower the local militia but no doubt about the fact that the leaders of the bad guys, the training takes place inside pakistan and we have been going in there from time to time but we haven't had the kind of support from the pakistani army
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or intelligence services that is required not be successful there. >> are we indulging ourselves, the afghanistan conversation, because it's less scary to us because to indulge the pakistan conversation means you have to acknowledge you have a nuclear power that is harboring terrorists, training them as we speak. >> boy, that's a good point. we took a look at the secretary of state who only, last week or the week before, said no problem, don't sweat it, we know pakistan has got lots of nukes but they are in good hands, they are all under control. that is whistling in the dark. there is no such thing as a good deal when pakistanis have control of nuclear weapons and they are facing a muslim revolution inside their own country and own people getting blown. i think it's dangerous and with need to do something about it. if your point is do we need to hand out $7.5 h5 billion to these guys with no strings attached when, in fact, they are not doing what they need to do to kill the bad guys, i agree
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with you completely. >> are we fooling ourselves to have a big conversation in a surge about stabilizing in afghanistan where we were to accomplish the most fantasy mission of that, total resurrection of government and education and democracy in afghanistan -- >> which ain't going to happen. >> right. we all know that but let's give them the fantasy. >> all right. >> we still haven't addressed the problem which is the individuals and organizations that would seek to do harm to western interests, nuclear, chemical and biological deployment in the u.s. or our interests are organizing in pakistan. >> achieving stability in afghanistan alone is -- will not end the problem. you're right. we need to do something more about pakistan. pakistanis do more about pakistan and and if we don't do something about both of them we are in bigger trouble. >> pakistan is a huge problem we have a solution for right now. >> correct. >> we sent them billion dollars with no apparent strings
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attached. i'm not sure. >> i think we're not sure why. >> what alternatives does the united states have with pakistan today? >> few and none. i mean, we need to spend a lot more time behind closed doors and diplomacy and we need to engage other regional actors and not try to do everything ourselves. >> who could help us? >> russia is a example. on the border with india. give me break. unless and until there is regional stability there using the good offices not just the united states but also rugs sha and china have a dog in the fight we will be nowhere. we are trying to do it all alone and it's not going to wosh work. >> we have to get russia. >> right. >> and china with us on pakistan? >> also correct. >> you do those two things then you can have a pakistan conversation? >> yes. absolutely right but not until then. before that time, just whistling in the dark. >> thank you.
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at least for giving us information. >> thanks. >> good information. >> you don't like it, but you got it:i got a magic trick later and show you how to make $3 billion in profits in three months. >> i got my checkbook! >> get your notebook at home. this can be done. thank you, colonel. alex, where do we stand in balloon land? >> this morning, 11:00 a.m. eastern time members of the county sheriff's department are meeting with the heene family what started as amazing adventure but people end up asking whether this was a stunt. tv viewers were riveted as it appeared falcon, 6, was swept away in a balloon and hours later founded safe hiding in his family's attic. new revoosed video showing them upset as the balloon broke free. coming up in just a a second. it was shot by one of the heene sons. they hadn't been told by the older son he saw falcon crawl into the gondola part of it.
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the family appeared on the reality show "wife swap." check it out. >> you [ bleep ] and do a thing. you start a project and you finish it and you [ bleep ]! what is with the haircut? >> why do you not be so obnoxious? >> your kids are just [ bleep ] like you! >> sherri silver was on wife swap and participated in that episode with them. good morning. >> good morning:i know you lived with the heenes a week. given the fact you know them, this is part of the reality show, what was your first thought that came to mind when you heard about the story yesterday? >> my first initial feeling was just what everybody is talking about, oh, my god, what have you done? when i saw the flying saucer flying, i mean him and i talked about flying ufos and saucer and he basically built one i had to fix and clean and take out to the backyard so he could see if it would take off.
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i was exposed to all of this so i wasn't surprised when it was a flying saucer. the thing is richard is definitely eccentric and brilliant but you can see he is pretty verbally angry and rude. >> he can be a hot head. he a has been pulling these all day on tv. he feels badly for having shaken up poor falcon enough to send him up into the attic, he yelled at him so loudly. that said, when the talk of the hoax started up, sheree, what do you think? do you think he is capable of a hoax like this? >> i don't believe he would have done this. i do think they were filming. i think they wanted press. i do think they wanted to show the spaceship going up, that part. i think they did call the press on that. but to say and lie that his son was -- that's a little too much.
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if we believe that much darkness in him, then that is pretty sca scary. >> sheree silver, thank you for your weighing in. appreciate that. the northeast is experiencing its first taste of went with know falling across several states and new jersey and pennsylvania got a couple of inches of snow and nor'easter on the way bringing snow, rain and wind. bill karins is here. what is this wild weather? >> this is day two of a miserable four-day period. airports backed up as you expect. laguardia, newark and philadelphia one hour delays at the current time. for some reason doing better at jfk. also dulles airport in reagan is fine. heavy rain is over and a lot of the snow is ending except for the highest elevations of central pennsylvania. should get a break later on tonight but not a break from the cold. windchill this time of the year is ridiculous. we're in the low 30s about everywhere in the mid-atlantic and in case you're wondering about that all-important baseball game tonight the rain should not rain it out but the windchill in the low 30s.
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now the dodger forecast, i won't give you that because it's 0e and just sunny. i think they will be just fine. >> of course, they will be. dylan? >> thank you very much. next on the agenda, the magic trick. never before attempted. live on national television. how do you make $3 billion in three months' time while the economy deteriorates wildly around you? it is, indeed, magic, although not against the law, which is the beautiful thing. i'll show you exactly how it's done right after this. ♪ abracadabra ( inspiring music playing ) someday, cars will be engineered using nanotechnology to convert plants into components. the first-ever hs hybrid. only from lexus. the first-ever hs hybrid. we all know america needs real health care reform,
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but there's a right way, and a wrong way, to pay for it. some senators say they want to tax so-called "cadillac" health care plans, but those proposals will also tax the benefits of millions of middle class workers. there's a better way. let's ask individuals making more than $250,000 to pay their fair share. tell congress to choose the right way to pay for health care reform.
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someday, the driver will get to choose how efficient or powerful their car will be. the first ever hs hybrid. only from lexus. the most fuel-efficient of all luxury vehicles. all right. ! i don't know how to do magic. but i do have a sense of how to use magic to steal money from the taxpayer.
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first, you need to take off anything that makes you look like a magician. that's key, alex. the critical thing is to look like you're just a man in a suit trying to make a living. who could have an objection to that a man in a suit trying to make a living? >> no objection. >> first are, don't try this at home. you could hurt yourself. goldman sachs and nobody else and a bunch of other banks that did this. did not break the law. that's the genius. again, my friend alex wit is here to weep us honest. >> i'm going to watch this. >> they pulled off the amazing trick of making $3 billion in three months' time while the entire financial system collapses and foreclosures at a record and unemployment sky rockets and the u.s. dollar collapses. shall we begin? >> let us. >> if this is done properly 300
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billion in profit. goldman sachs stock up 155% since march of this year and netting $3.4 billion in the last quarter and quadrupling earnings from a year ago. how did they do it? they sold financial advice. 325 million dollars worth. if you read the huffington post piece i wrote yesterday. they don't make as much as they used to. 300 million for advice and 360 million they made selling stocks and a couple hundred million dollars selling bonds. but take a look at the next number. $10 million made in what they called trading and principal investments. what does that mean? basically, when our country crashed financially last year, and goldman sachs was the beneficiary of the taxpayer,
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they used all of the taxpayer money provided this to them by the way of the aig pass through and we will get in a second. now the economy is recovery they took the money we gave them and purchased all of the assets out there. take a look here and i'll show you. come on to the table. imagine i supplied you with $70 billion at the nader, alex, of the asset decline and that you were the only one in the country that had money and you were then able to buy everything on the cheap. >> okay. >> while all of the other banks were collapsing and everything comes back up. back up. back up the teleprompter, please. i'll beg you. back it up. hold on. i'm sorry, alex. >> that's all right. >> people from fox run our prompter some time which makes us hard to communicate or information. here is what goldman sachs has
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received from the government. $10 billion in t.a.r.p. money and $11 from the fed and $30 billion in fdic backed assets and $13 billion complected from aig. that $70 billion in to goldman sachs, which if it was not delivered, by the way, the bank would effectively be defunct. and roll the prompter, please. here is where the magic comes in. the s&p index the past five years, with the money goldman got from the taxpayer went out and bought as much as it could at the bottom of this curve. they took the $70 billion and leveraged it 20 or 30 to 1 which gave them 2.1 trillion based on that taxpayer money. and then when the government pumped the trls trillions into the economy the market surged and, poof, goldman is rolling in the dough. does that make sense?
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let me make it a little easier. think of it like house splitting. roll the prompter, please. maybe goldman sacks is running the prempter and make it hard to run around the internet anyway so you don't know how they stole the money. imagine a crisis in your tone and all of the houses on your block are in foreclosure and imagine you're the only one on your block who has any money and now imagine that that money was given to you by the taxpayer because your former ceo runs the treasury. now, imagine you went and bought every house on the block when no one else wanted to buy a house for 10 cents on the dollar because everybody else was collapsing. now imagine $24 trillion taxpayer money was used to reinflate the economy after you purchased all of the houses. >> so they are valuable? >> the houses now have gone up ten times so, again, you bought every house in the middle of the collapse effectively. that's what goldman sachs did.
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they got the money from the taxpayer and buy the assets and the assets reinflate, they are worth ten times what they were because the taxpayers reinflated them but at the moment of the decline we provide goldman sachs enough assets when nobody else had the money. do you like that? >> you know, i'd say for pretty much but everyone for goldman sachs will call this a little bit of black magic. >> i did a terrible job of explaining this and i joois apologize how important the material is. >> i think they got it. >> you get to see fun with the teleprompter. we are back after this. ♪ ♪ when it comes to protecting the things you care about... ...leave nothing to chance.
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so much for that magic trick. i've got a better one. here is tamron hall. >> can i call you david copperfield? >> whatever you want. coming up. what the heck happened in colorado with this balloon story? we've got home video now of the
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moment. a home made aircraft took off allegedly with a boy inside. we know that was not the case and now the family is being revegetabled by authorities. could the president announce his plan for afghanistan in the coming days? a new report out today that we could all very soon know what president obama plans to do about afghanistan. latest on the swine flu. the fda issues a new warning about people trying to make a profit off of spreading flu fears. don't get caught up in it. we'll tell you what to look for. we will be right back. people think that honda is always the most fuel efficient choice. well, this chevy cobalt xfe has better highway mileage than a comparable honda civic. the all-new chevy equinox has better mileage than honda cr-v. and chevy malibu has better mileage than accord. however, honda does make something that we just can't compete with. it's self propelled. introducing the 60-day satisfaction guarantee, buy a new chevy and if you don't love it,
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